We develop a banking model to explain the remarkable growth of China’s shadow banking since the global financial crisis. In the presence of local government interventions for low-quality projects due to short-termism, a policy combination of tightening formal banking and loosening shadow banking can reduce inefficiency given the information asymmetry between banks and regulators. This is because the higher funding liquidity risk of shadow banking incentivizes banks to be more disciplined about the quality of projects. We find consistent empirical evidence that when on-balance-sheet financing was constrained by regulators, banks shifted high-quality projects into shadow banking and rejected low-quality ones.

We study the effect of managerial career concerns on informational feedback from stockmarkets. We set up a model in which managers with career concerns can learn information from their own information production or from stock price feedback. A key insight from the model is that if managerial career concerns are high, a less frictional market induces more information production by both managers and speculators. As a result, although price informativeness improves, managers learn less from the stock market, contrasting with the classical view in the literature on stock price feedback. Exploiting a quasi-natural experiment, we document evidence consistent with model predictions.

We examine how improving the efficiency of a country’s tax system via the implementation of the information system affects firms’ behavior, utilizing the implementation of the Golden Tax Project III in China as a natural experiment. The Golden Tax Project III strengthens tax enforcement, while standardizes the application procedures for tax incentives. Based on a large-scale corporate tax survey data, we show that large firms enjoy better access to debt finance and increase take-up of tax benefits since the reform, while keeping their tax burden unchanged. The reform leads large firms to increase investment. On the contrary, the reform increases tax burden for small firms, which offsets the positive effect due to better access to debt finance. The reform has limited impact on small firms’ investment or take-up rate of tax incentives. Our study contributes to the debate on how adopting more efficient information system affects tax administration and firms’ real performances.

We survey a large representative sample of retail investors to elicit their memories of stock market investment and return expectations. We then merge the survey data with administrative data of transactions to test a model in which investors form expectations by selectively recalling past experiences similar to the present cue. Our analysis not only uncovers newstylized facts about investor memory, but also provides support for similarity-based recall as a key mechanism of belief formation in ffnancial markets. Market ffuctuations affect investors’ recall: positive market returns cue investors to retrieve episodes of rising markets and recall own performances more positively. Recalled experiences explain a sizable fraction of cross-investor variation in beliefs and dominate actual experiences in explanatory power. We also show that recalled experiences can drive out the explanatory power of recent returns for expected future returns, ruling in a memory-based foundation for return extrapolation.

Using plant-level pollution data from Environmental Survey and Reporting Database in China, we analyze how the government's 2007 environmental policy aiming to curb pollution from two-high industries (i.e., high-polluting and high energy-consuming) affect real firm pollution activities across the supply chain. We employ the Differences-in-Differences approach and find that following the 2007 environmental policy, firms in two-high industries that are mostly in the upstream of the supply chain indeed reduce emissions of air and water pollutions significantly (e.g., sulfur dioxide (SO2), chemical oxygen demand (COD), and wastewater). Such reductions are mainly due to higher pollution removal and the increased investments in treatment facilities that are funded by subsidized bank loans such as the China Development Bank (CDB). By contrast, following the 2007 policy, firms in the downstream of two-high industries increase their production levels without any increases in their pollution treatment facilities and capabilities, which leads to increased pollution levels such as SO2 emissions and coal consumption. Furthermore, such adverse spillover effects in downstream industries can be alleviated by CDB loans, which help finance the investments in pollution treatments for these downstream firms. Our findings about direct and unintended spillover effects of the environmental policy suggest that policymakers should carefully consider all potential impacts across the supply chain when designing the package of environmental policies to mitigate unintended adverse consequences.

本文基于手工搜集整理的地方政府债务数据和 2007-2019 年中国 A 股非金融行业上市公司财务数据，实证检验了地方政府债务扩张对企业商业信用供给的影响及作用机理。研究结果表明，地方政府债务扩张对地区企业商业信用供给具有显著的抑制作用，且该效应在非国有、小规模、行业竞争程度低、供应商集中度低、处于货币政策趋紧和经济政策不确定性较高时期的企业中更为明显。机制检验发现，地方政府债务规模扩张加剧了企业信贷融资约束、企业经营风险和企业税负压力，进而减少了企业的商业信用供给。进一步研究发现，地方政府债务扩张缩短了企业商业信用的供给期限，并且降低了供给质量。此外，地方政府债务扩张导致企业商业信用供给被动减少，并降低了企业的经营业绩。本研究为加强地方政府债务治理和防范化解系统性金融风险提供参考与借鉴。

本文在中国股票市场中，针对上市公司公告文本数据，采用文本分析机器学习方法进行信息提取，研究了上市公司公告信息与资产预期回报之间的关系，并探讨其对资本市场的影响渠道。本文首先依据监督式训练方法构造了基于公告的文本情感词典，并以此为基础使用机器学习方法对公告效应进行实证分析。其次，本文探究了公告效应的预测来源，并进行了异质性分析。本文研究发现，基于机器学习的公告文本情感倾向能够显著正向预测股票收益，在全样本中多空投资组合的平均年化收益达到了 20.04%。公告效应在小规模、成长型公司中溢价显著；与国企相比，民营企业的公告效应更显著。在对公告效应的来源分析中，本文发现金融机构关注度和公司信息披露质量较高的公司，公告效应相对较弱，而散户投资者的关注度会加强公告效应。

网络安全治理已经引起了政府决策部门和学术界的广泛关注。本文聚焦资本市场中的企业网络安全治理与金融风险，通过深度学习方法分析上市公司年报文本，构建企业网络安全治理指标，实证研究揭示了网络安全治理和股价崩盘风险之间的关系及其机制。研究发现，网络安全治理可以显著降低股价崩盘风险，这一结论在更换解释变量、增加控制变量和《网络安全法》的颁布作为准自然实验等稳健性检验后仍然成立。企业网络安全治理降低了外界的信息不对称、增加了企业社会责任，从而降低了股价崩盘风险。国有企业、规模较大、公司成长性较好、有形资产比例较低的公司更有可能重视网络安全治理。本文结论为企业网络安全治理对金融风险的影响提供了经验证据，为企业网络安全治理相关政策制定提供了建议参考。

In the era of digital economy, the development and application of digital intelligence technology are changing rapidly, and human society has entered a new era where digital intelligence technology is rapidly advancing and playing an important role. Workers who master digital intelligence technology play a decisive role in the sustained and healthy development of enterprises, and the human capital possessed by workers has become the driving force for high-quality development of enterprises. The recognition and measurement of the value of human capital possessed by workers is the foundation and prerequisite for motivating workers, and the recognition and measurement of human capital value has become a core issue that urgently needs to be studied in human resource equity accounting. The article briefly introduces the development of human resource accounting theory, expounds that establishing human capital property rights is an important condition for the sustainable development of enterprises in the digital economy era, stimulates the potential of human capital, and is conducive to accelerating economic transformation and upgrading. The dynamic equity distribution mechanism is an important way to stimulate the vitality of human capital.

截止 2022 年 1 月，中国公募基金管理资产 25 万亿，基金数量已超过 9000支。虽然管理资产规模只有美国公募基金行业的 1/9，但中国基金数量已经超过美国。中国公募基金行业表现出强烈的发行新基金偏好。我们发现造成这一现象的主要原因是银行在基金发行中的巨大渠道优势以及对于基金托管业务的重视。基金公司为了获得更大的银行客户群，在不同银行发行新基金并托管是一个重要手段。过度发行基金造成权益类基金经理平均管理 2.6 支基金。比较同一个基金经理管理的新老基金，我们发现新基金年化收益率平均优于老基金 1.5%-2%。当一个基金经理发行了新基金后，其管理的老基金表现出现下降。由于新基金的资金流入更加依赖其近期表现，因此基金经理有更强动机提升新基金业绩。我们的发现对于规范中国公募基金行业发展，加强投资者保护提供了依据。